Charlie owns his own candy factory where he employs individuals to make his world-famous toffee. The graphs show the factory's production for one day. Charlie pays each worker $110 a day and sells his toffee for $0.50 each. Use the accompanying graph to answer the following 2080 1960 Total product questions. 1800 1600 a. Calculate the marginal product of labor (MPL) for the fifth and eighth workers. 1360 1080 760 MPL 5thworker units 400 6. 10 MPL units gth worker Ouantity of workers Quantity of toffee (units) b. Calculate the value of the marginal product of labor (VMPL) for the fourth and seventh workers. VMPL thworker VMPL zihworker c. How many workers should Charlie employ? workers
Charlie owns his own candy factory where he employs individuals to make his world-famous toffee. The graphs show the factory's production for one day. Charlie pays each worker $110 a day and sells his toffee for $0.50 each. Use the accompanying graph to answer the following 2080 1960 Total product questions. 1800 1600 a. Calculate the marginal product of labor (MPL) for the fifth and eighth workers. 1360 1080 760 MPL 5thworker units 400 6. 10 MPL units gth worker Ouantity of workers Quantity of toffee (units) b. Calculate the value of the marginal product of labor (VMPL) for the fourth and seventh workers. VMPL thworker VMPL zihworker c. How many workers should Charlie employ? workers
Chapter10: Labor Markets And Income Distribution
Section: Chapter Questions
Problem 8SQ
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Question
Transcribed Image Text:Charlie owns his own candy factory where he employs
individuals to make his world-famous toffee. The graphs
show the factory's production for one day. Charlie pays
each worker $110 a day and sells his toffee for $0.50 each.
Use the accompanying graph to answer the following
2080
1960
Total product
questions.
1800
1600
a. Calculate the marginal product of labor (MPL) for the
fifth and eighth workers.
1360
1080
760
MPL 5thworker
units
400
6.
10
MPL
units
gth worker
Ouantity of workers
Quantity of toffee (units)
Transcribed Image Text:b. Calculate the value of the marginal product of labor
(VMPL) for the fourth and seventh workers.
VMPL thworker
VMPL zihworker
c. How many workers should Charlie employ?
workers
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